The Bitcoin Mayer Multiple has recently sunk to a lower value than the bottom of the previous cycle. This is the first time in the history of the metric that such a trend has formed. Current Bitcoin Cycle’s Mayer Multiple Low Is Deeper Than Last Cycle’s As per data released from the analytics firm Glassnode, the current value of the BTC Mayer Multiple is around 0.478. Before seeing what the Bitcoin Mayer Multiple does, it’s best to look at a basic explanation of a “moving average” first. A moving average (or MA in short) is an analytical tool that averages out the value of any quantity over a specific period of time. As its name implies, it moves forward along with the quantity, and changes its value accordingly. An MA can be taken over any timespan, whether that be 100 days, 72 hours, or even10 seconds. Related Reading | Why Pain May Not Be Over For Bitcoin Holders Just Yet The bigger MAs are usually quite useful for long-term analysis as they smooth out any irrelevant short-term fluctuations. One popular moving average for Bitcoin is the 200-day MA, which has historically indicated a bear market whenever the price has went below it, and a bull market whenever the price has crossed over it. Now, what the Mayer Multiple does is measure how much the price of the crypto has deviated from this 200-day MA. The below chart shows the trend in the metric over the course of the history of Bitcoin: Th...
